The cost of running an electric car for a year is 47% cheaper than the cost of running a petrol car, according to new research from comparethemarket.com.
Despite this, the cost of buying the car is likely to be a financial speed bump for drivers hoping to switch to a more environmentally friendly car.
In Scotland, the average asking price for a used car in 2020 was roughly between £11,200 and £13,100 but a second-hand electric car is typically worth £22,800.
The research indicates that the popularity of Electric Vehicles (EVs) is on the increase but it would take 20 years for the lower running costs to cover the initial purchase.
The figures show the average cost to run an EV for 12 months is £1,091 compared with £2,062 for a petrol vehicle – a difference of £971.
The research also analyses the cost of insurance, fuel, and road taxes.
For drivers of EVs, car insurance amounts to more than half of the annual running costs (53%) at £583 for a typical premium.
These motorists also pay an average of £454 per year to charge their car.
The running costs for petrol cars are substantially higher as drivers of these vehicles pay an average of £640 for car insurance and £1,212 for the fuel each year.
Owners of petrol cars also typically need to spend at least £155 per year on road tax, while EVs are exempt.
Dan Hutson, head of motor insurance, comparethemarket.com, comments: “The popularity of electric cars continues to accelerate as these vehicles now make up around one in ten new car sales.
"Motorists who’ve made the switch will be glad to see our figures show electric vehicles cost roughly half as much to run as their petrol alternatives.
"These drivers benefit from substantial savings in fuel bills, insurance and tax – as well as doing their part for the environment.
"Electric car owners could save even more on running costs if they shop around for the cheapest deal when their insurance premium comes up for renewal.
"These drivers may also want to think about switching to a new Electric Vehicle Tariff for their home energy.
"EV Tariffs are designed to help motorists cut their energy bills by making it cheaper to charge electric cars overnight.”
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